Nebraska Bankruptcy Laws
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If you’re living in Nebraska and tired of worrying about financial matters, you may be able to benefit from the protection personal bankruptcy can offer. This page is designed to help you figure out how Chapter 7 or Chapter 13 bankruptcy may be able to help you achieve a fresh financial start.
Filing for bankruptcy is a major decision, and one that shouldn’t be made lightly. That’s why we offer you lots of pages about bankruptcy law, including specifics for Nebraska. However, each bankruptcy case is different. To completely understand how bankruptcy will affect you, speak with a local bankruptcy attorney.
Complete the form on this page to connect with a local Nebraska bankruptcy lawyer. For more information on Chapter 7 and Chapter 13 bankruptcy in Nebraska, keep reading.
Chapter 13 Bankruptcy or Chapter 7 Bankruptcy
Chapter 7 bankruptcy was designed to eliminate debt by discharging, that is, forgiving, much or all unsecured debts. Unsecured debt is any debt not directly tied to property and typically includes credit cards, medical bills, personal loans and payday loans.
In rare cases, Chapter 7 bankruptcy also involves a sale of some property to repay other debts. But, Nebraska bankruptcy laws outline exemptions that, in the majority of cases, prevent any property sale. Exempt property may not be sold and is fully protected. In Nebraska, these exemptions include the following.
Homestead
- Up to $60,000 is exempt for a family residence not to exceed 160 acres.
Wages
- 85 percent of the wages of your head of household.
- 75 percent of wages for non-heads-of-household.
Automobiles
- Up to $2,400 for a vehicle if used by or in your commute to your main business or trade.
Personal Property
- Up to $2,500 worth of any personal property.
- Up to $1,500 worth of household possessions.
- Up to $2,400 worth of trade tools, implements, professional books, supplies.
- 100 percent of the value of all professionally prescribed healthy aids.
Chapter 13 bankruptcy tends to work well for filers who have a regular income but faced some unexpected economic setback. It works by outlining a three- to five-year repayment plan so that filers can get up to date on late payments while staying current with others.
You may have also heard that Chapter 13 bankruptcy may help prevent foreclosure. This is because the automatic stay prevents creditors from making any collection efforts. Mortgage foreclosure is considered a form of collection, so the foreclosure of your home may be prevented for the duration of your Chapter 13 case.
Learn Details from a Nebraska Bankruptcy Lawyer
The above information may seem a bit daunting. Fortunately, help is readily available. A Nebraska bankruptcy lawyer can answer your questions, take you through the bankruptcy process and help you make a decision on your debt and your future.
Why wait any longer to begin pursuing your fresh financial start? To get started right now, all you have to do is fill out the free case evaluation form on this page or call us at 877-349-1309 and we’ll put you in touch with a local sponsoring Nebraska bankruptcy lawyer right away.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.